A Business Plan for the Leisure Industry : Case: Wolverine Fitness Helsinki
Räsänen, Mikko (2012)
Räsänen, Mikko
Laurea-ammattikorkeakoulu
2012
All rights reserved
Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2012091513665
https://urn.fi/URN:NBN:fi:amk-2012091513665
Tiivistelmä
This thesis is an illustration of a business plan creation for the leisure industry in Helsinki, Finland. The plan follows Osterwalder’s nine-stage business creation model, covering the main elements in business establishment.
Wolverine Fitness Helsinki is the sole trading name of Miska Toivonen, who is a certified CrossFit coach and the purpose of this plan is to justify and demonstrate the needed steps that need to be taken to turn a business idea into a sustainable business model. CrossFit as a sport is a rather new workout model in the fitness industry and it is expected to grow at a rapid pace in the near future. This CrossFit community of Wolverine Fitness Helsinki has
already been partially established during the writing of this thesis and has grown in number, but the official and legally binding establishments are still needed to turn the movement into a legitimate and sustainable business.
An important element of any startup business is the financing and the methods adopted to allocate the funds effectively and efficiently. This thesis suggests a variety of options, which are proven to work in similar cases and with similar businesses. The CrossFit movement and the businesses associated with it are rather exceptional as they rely strongly on the loyalty of their athletes. This means that customer relationship management as well as the major
influence of word of mouth marketing are extremely important. As a startup business, certain marketing functions should be considered. This is discussed in the marketing section of this paper and personal research has been done on the alternative methods of customer retention, mainly utilizing the major platforms of online media. Also a comparison between search engine optimization actions and purchased advertising is made in an objective manner.
The entrepreneur already has a concise inventory and this business plan has been created without consideration of any external investors, which makes the financial plans more straightforward than usual. If sales projections are met and purchases do not alter drastically the business is expected to become profitable for one person within its first financial year, equaling up to 22 000€ in sales. The sales do not necessarily cover all of the expenses during the first year, but with a personal funding of 5 000€ the first year will be managed and the
business will be projected to grow into a sustainable direction.
This paper offers a holistic view of the topic, by combining an explanation of the theory with the ractical context, which is applied as a part of the business creation. The business plan, as it is, is expected to provide income for one person, but it has the potential to grow faster than anticipated as the workouts can be extended into larger contexts.
Wolverine Fitness Helsinki is the sole trading name of Miska Toivonen, who is a certified CrossFit coach and the purpose of this plan is to justify and demonstrate the needed steps that need to be taken to turn a business idea into a sustainable business model. CrossFit as a sport is a rather new workout model in the fitness industry and it is expected to grow at a rapid pace in the near future. This CrossFit community of Wolverine Fitness Helsinki has
already been partially established during the writing of this thesis and has grown in number, but the official and legally binding establishments are still needed to turn the movement into a legitimate and sustainable business.
An important element of any startup business is the financing and the methods adopted to allocate the funds effectively and efficiently. This thesis suggests a variety of options, which are proven to work in similar cases and with similar businesses. The CrossFit movement and the businesses associated with it are rather exceptional as they rely strongly on the loyalty of their athletes. This means that customer relationship management as well as the major
influence of word of mouth marketing are extremely important. As a startup business, certain marketing functions should be considered. This is discussed in the marketing section of this paper and personal research has been done on the alternative methods of customer retention, mainly utilizing the major platforms of online media. Also a comparison between search engine optimization actions and purchased advertising is made in an objective manner.
The entrepreneur already has a concise inventory and this business plan has been created without consideration of any external investors, which makes the financial plans more straightforward than usual. If sales projections are met and purchases do not alter drastically the business is expected to become profitable for one person within its first financial year, equaling up to 22 000€ in sales. The sales do not necessarily cover all of the expenses during the first year, but with a personal funding of 5 000€ the first year will be managed and the
business will be projected to grow into a sustainable direction.
This paper offers a holistic view of the topic, by combining an explanation of the theory with the ractical context, which is applied as a part of the business creation. The business plan, as it is, is expected to provide income for one person, but it has the potential to grow faster than anticipated as the workouts can be extended into larger contexts.